The IPO was to be an entirely fresh issue of equity shares.
New Delhi:
Stitched Textiles, which owns leading men’s fashion brand “Barcelona”, has decided to withdraw its initial public offering (IPO) of Rs 200 crore.
The IPO was to be an entirely fresh issue of equity shares. The proceeds from the issue were to be used to increase the visibility and awareness of its brand by opening exclusive brand outlets for expansion of the company’s retail network, for working capital requirements and for financing general corporate offerings.
The company had filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 17 for the proposed IPO.
However, the draft offer documents for the IPO were withdrawn on August 16 and the reasons for the withdrawal have not been disclosed, showed an update with the market regulator on Tuesday.
Incorporated in 2015, Stitched Textiles is primarily engaged in Men’s Wear and deals in Suiting and Shirting clothing. It operates around 85 stores in franchise model in more than 50 cities of India till date. It introduces its products under the brand ‘Barcelona’.
Earlier this year, Nandan Terry and Uma Converter, part of the Chiripal Group, withdrew their proposed IPO.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)